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Residential Finance Survey: 2001 - West
Table 7-1e. Mortgage Status, Rental and Vacant 50-or-More-Housing-Unit Properties
^Number of properties.
For information on confidentiality protection, sampling error, nonsampling error, and definitions, see text.
For minimum base of derived figures (percent, median, etc.) and meaning of symbols, see text.
Monthly Rental Receipts Per Housing Unit, Rental Receipts as Percent of Value, Rental Vacancy Losses as Percent of Potential Receipts, and Real Estate Tax as Percent of Rental Receipts acquired before 2000 exclude properties with less than half of units in rental market during all of year preceding survey and cooperatively owned apartments^^

Total properties Nonmortgaged properties Mortgaged properties

50-or-more-housing-unit
properties
17164 2291 14873

PROPERTY CHARACTERISTICS


Property Location by Geographic Area

Inside MAs
16196 2200 13996
In central cities 8906 1176 7730
Not in central cities 7290 1024 6266
Outside MAs 968 91 877

Number of Housing Units

50 to 74 housing units
5625 724 4901
75 to 99 housing units 3136 360 2776
100 to 149 housing units 3554 320 3234
150 to 199 housing units 1629 293 1336
200 to 299 housing units 1897 284 1613
300 to 499 housing units 1032 237 795
500 to 999 housing units 267 66 201
1,000 or more housing units 24 6 17

Manner of Acquisition

By purchase
15288 1912 13376
Placed one new mortgage 10685 638 10047
Placed two or more new mortgages 1155 94 1061
Assumed mortgage(s) already on property 1548 124 1424
Assumed mortgage(s) already on property
and placed new mortgage
300 35 264
Borrowed using assets other than this
property as collateral
113 38 75
Paid all cash-no borrowing 1244 881 363
Other manner 243 101 141
By inheritance or gift 195 102 92
By divorce 16 0 16
By tax free exchange of
other property
470 24 445
By foreclosure or assignment 194 46 148
By some other manner 309 74 235
Not reported 692 132 559

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
7630 871 6760
Sale of stock or other partnership
shares for this project
827 74 753
Sale of previously owned stocks,
shares, or other securities
98 12 86
Sale of land or other real estate 1079 95 984
Owner's cash, bank deposits,
share accounts, or bonds
3204 428 2777
Borrowing from a retirement plan 15 0 15
Borrowing using assets other than this
property as collateral
529 80 449
Proceeds from an insurance policy 10 0 10
From a state or local government source 156 2 154
From a non-profit organization 102 4 98
Proceeds from sale of tax credits 505 7 498
From parents or relatives 52 15 37
Other cash source 303 40 264
Non-cash source 96 0 96
No downpayment required 617 107 511
Not reported 1041 151 891
Other properties 9210 1356 7854
Not reported 324 65 259

Year Property Acquired

1999 to 2001 (part)
3551 305 3246
1997 and 1998 3188 563 2625
1995 and 1996 1774 203 1571
1990 to 1994 2486 220 2267
1985 to 1989 1902 159 1743
1980 to 1984 1375 99 1275
1975 to 1979 1272 204 1068
1970 to 1974 889 170 719
1969 or earlier 726 367 359

Building and Land Acquisition

Acquired at same time
12580 1619 10961
Not acquired at same time 3690 526 3164
Land not owned by building owner 252 46 207
Not reported 641 100 541

Property New or Previously Owned When
Acquired

Acquired by purchase
15288 1912 13376
New 5240 689 4551
Previously owned 9797 1172 8625
As residential property 9471 1153 8317
Converted from nonresidential use 326 18 308
Other 76 20 56
Not reported 176 31 145
Other properties 1184 246 937
Not reported 692 132 559

Year Structure Built

1999 to March 2000
557 99 458
1997 and 1998 1025 155 870
1995 and 1996 794 122 673
1990 to 1994 1120 121 999
1980 to 1989 4796 552 4244
1970 to 1979 5174 482 4692
1960 to 1969 2411 519 1892
1950 to 1959 443 94 349
1940 to 1949 186 44 143
1939 or earlier 657 103 554

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
6028 717 5311
Less than $20,000 805 169 636
$20,000 to $39,999 1755 85 1671
$40,000 to $59,999 1581 105 1476
$60,000 to $79,999 958 122 836
$80,000 to $99,999 456 91 365
$100,000 to $124,999 253 61 191
$125,000 to $149,999 79 17 62
$150,000 to $174,999 29 11 18
$175,000 to $199,999 15 5 10
$200,000 to $249,999 34 0 34
$250,000 to $299,999 3 3 0
$300,000 to $499,999 1 1 0
$500,000 or more 50 46 4
Median 45694 59986 44675
Mean 55051 93051 49910
Other properties 11136 1573 9562

Value

Less than $1,000,000
663 277 387
$1,000,000 to $1,999,999 1501 162 1339
$2,000,000 to $2,999,999 2079 268 1811
$3,000,000 to $3,999,999 2195 193 2002
$4,000,000 to $4,999,999 1666 116 1550
$5,000,000 to $7,499,999 3026 286 2740
$7,500,000 to $9,999,999 1568 150 1417
$10,000,000 to $14,999,999 1930 294 1635
$15,000,000 to $19,999,999 924 129 795
$20,000,000 to $29,999,999 862 185 677
$30,000,000 to $39,999,999 315 129 186
$40,000,000 to $49,999,999 166 41 126
$50,000,000 or more 269 60 209
Median 5394976 6130694 5318298
Mean 9003489 12346819 8488541

Value Per Housing Unit@8

Less than $20,000
1597 407 1190
$20,000 to $39,999 4194 414 3780
$40,000 to $59,999 4653 511 4141
$60,000 to $79,999 3129 368 2762
$80,000 to $99,999 1490 184 1306
$100,000 to $124,999 948 176 772
$125,000 to $149,999 528 85 443
$150,000 to $174,999 187 38 148
$175,000 to $199,999 83 16 67
$200,000 to $249,999 128 12 116
$250,000 to $299,999 78 27 52
$300,000 to $499,999 63 5 58
$500,000 or more 86 48 38
Median 51999 52708 51911
Mean 62754 74160 60997

Purchase Price as Percent of Value@8

Acquired by purchase
15288 1912 13376
Purchased 1997 to 2001 (part) 6028 717 5311
Less than 60 percent 717 35 682
60 to 69 percent 464 22 442
70 to 79 percent 772 40 732
80 to 99 percent 1834 184 1651
100 percent or more 2233 437 1797
Median 92 1725 90
Purchased 1990 to 1996 (part) 3789 312 3478
Less than 40 percent 434 22 412
40 to 59 percent 701 46 654
60 to 79 percent 816 42 774
80 to 99 percent 682 73 609
100 percent or more 1157 129 1028
Median 79 92 77
Purchased 1989 or earlier 5471 883 4588
Less than 20 percent 571 178 393
20 to 39 percent 925 239 686
40 to 59 percent 1021 139 883
60 to 79 percent 815 103 713
80 to 99 percent 456 27 429
100 percent or more 1657 188 1469
Median 65 43 69
Not acquired by purchase 1875 379 1496

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
11203 1295 9908
Less than $50,000 3356 385 2971
$50,000 to $99,999 2196 199 1996
$100,000 to $249,999 2704 290 2414
$250,000 to $499,999 1509 137 1372
$500,000 to $749,999 536 105 431
$750,000 to $999,999 235 55 180
$1,000,000 to $1,499,999 244 46 198
$1,500,000 to $1,999,999 106 22 84
$2,000,000 to $2,999,999 116 15 102
$3,000,000 or more 201 42 159
Median 102778 132929 99661
Mean 371682 542179 349397
Properties with no capital
improvements between 1998 and 2000
3566 604 2963
Capital improvements not
reported
2395 392 2002

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
11203 1295 9908
Less than $500 3619 459 3160
$500 to $999 2330 221 2109
$1,000 to $2,499 3179 336 2842
$2,500 to $4,999 1292 150 1142
$5,000 to $7,499 319 48 271
$7,500 to $9,999 100 14 86
$10,000 to $14,999 115 23 92
$15,000 to $19,999 38 8 30
$20,000 to $29,999 84 21 63
$30,000 or more 127 14 113
Median 925 925 925
Mean 2345 2586 2313
Properties with no capital
improvements between 1998 and 2000
3566 604 2963
Capital improvements not
reported
2395 392 2002

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
14868 2140 12728
Less than $100 378 61 317
$100 to $199 441 105 336
$200 to $299 645 117 528
$300 to $399 1423 158 1266
$400 to $499 2068 226 1842
$500 to $599 2599 284 2315
$600 to $799 2142 270 1872
$800 to $999 3272 535 2737
$1000 or more 1853 370 1483
No rental receipts 46 13 33
Median 594 683 589
Mean 681 728 673
Acquired 2000 and 2001 (part) 2296 151 2145

Rental Receipts as Percent of Value@8

Acquired before 2000
14868 2140 12728
Less than 5 percent 600 119 480
5 to 9 percent 1418 164 1254
10 to 14 percent 6670 865 5805
15 to 19 percent 3250 510 2740
20 to 24 percent 1124 140 985
25 to 29 percent 609 74 535
30 to 39 percent 459 71 388
40 percent or more 699 184 515
Median 14 15 14
Acquired 2000 and 2001 (part) 2296 151 2145

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
14868 2140 12728
Less than 1.0 percent 1604 181 1423
1.0 to 2.9 percent 2976 341 2635
3.0 to 4.9 percent 3029 449 2580
5.0 to 6.9 percent 1777 257 1521
7.0 to 8.9 percent 948 154 794
9.0 to 10.9 percent 610 67 542
11.0 to 12.9 percent 318 18 300
13.0 to 14.9 percent 123 2 120
15.0 percent or more 916 120 795
Not reported or not computed 2567 550 2017
Median 4.0 4.2 4.0
Acquired 2000 and 2001 (part) 2296 151 2145

Age Restrictions

Property restricted to people
age 55 or older
3126 403 2723
Property not restricted to people
age 55 or older
13651 1854 11797
Not reported 386 34 352

Age Composition

Over one-half the residents of the
building age 55 or older
658 137 521
Over one-half the residents of the
building not age 55 or older
12580 1610 10971
Not reported 3926 544 3382

Meal Service Provided by Properties
Exclusively or Predominantly Occupied by
People Age 55 or Older

Property provides meal service
1622 241 1381
Charge included in rent 1143 185 958
Charge not included in rent 143 25 117
Not reported 337 31 306
Property does not provide meal
service
1772 273 1499
Not reported 13769 1776 11992

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
1773 36 1738
Government rental subsidy 3351 303 3048
Government grant 319 31 288
Property tax relief 1062 59 1003
Federal income tax credit for
low-income, old or historic properties
1028 34 994
Accelerated federal income tax
depreciation for low- and
moderate-income properties
240 2 237
Subsidy from a non-profit corporation 240 12 228
None of the above benefits 10585 1643 8942
Not reported 1582 276 1306

Source of Property Benefits@1

With property benefits
4996 371 4625
Federal government 3445 179 3266
State government 621 40 581
Local government 1099 138 961
Non-profit corporation 240 12 228
Not reported 182 15 166
With no property benefits 10585 1643 8942
Not reported 1582 276 1306

Reason for Benefits@1

With property benefits
4996 371 4625
Occupied by low- or moderate-income
individuals
4293 289 4004
Occupied by elderly or disabled
individuals
1627 152 1475
A historic structure 31 13 19
Located in a community development or
economic development area
220 5 215
Covered by a Homestead Exemption 15 0 15
Covered by a Community Land Trust 0 0 0
Covered by disaster relief 31 0 31
Other reason 114 9 105
Not reported 269 17 252
With no property benefits 10585 1643 8942
Not reported 1582 276 1306

Section 8 Rental Housing Certificates
and Vouchers

Property did or does have tenants
receiving Section 8 assistance
8166 691 7475
Property has never had tenants
receiving Section 8 assistance
7736 1382 6353
Not reported 1262 217 1044

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
3365 513 2851
Limited partnership 6150 469 5681
Joint venture 233 12 221
General partnership 1307 144 1163
Life insurance company 55 41 15
Depository institution 2 2 0
Public real estate investment trust 524 348 176
Private real estate investment trust 115 59 56
Corporation - other than real estate
investment trust
3344 409 2935
Housing cooperative organization 143 33 110
Non-profit or church-related institution 1244 168 1076
Pension fund 71 50 21
Fraternal organization 2 0 2
Other 608 42 566

RECURRING EXPENSES


Real Estate Tax Per Housing Unit

Acquired before 2000
14868 2140 12728
Less than $100 1845 269 1576
$100 to $199 1155 222 933
$200 to $299 2162 311 1851
$300 to $399 2285 189 2096
$400 to $499 1987 200 1788
$500 to $599 1607 257 1350
$600 to $699 1122 150 972
$700 to $799 801 99 701
$800 to $899 504 104 401
$900 to $999 332 47 285
$1,000 to $1,249 385 61 325
$1,250 to $1,499 212 49 164
$1,500 to $1,999 164 21 142
$2,000 to $2,499 68 10 58
$2,500 or more 53 18 35
Not reported 186 134 52
Median 395 406 394
Mean 459 484 455
Acquired 2000 and 2001 (part) 2296 151 2145

Real Estate Tax Per $1,000 Value

Acquired before 2000
14868 2140 12728
Less than $5 3110 435 2674
$5 to $9 5611 662 4949
$10 to $14 4086 588 3498
$15 to $19 1019 132 887
$20 to $24 260 66 194
$25 to $29 88 5 83
$30 to $39 485 95 390
$40 to $49 8 8 0
$50 to $59 1 1 0
$60 or more 14 13 1
Not reported or not computed 186 134 52
Median 9 9 9
Acquired 2000 and 2001 (part) 2296 151 2145

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
14868 2140 12728
Less than 5 percent 4943 787 4156
5 to 9 percent 8007 1018 6988
10 to 14 percent 1047 116 931
15 to 19 percent 152 32 120
20 to 24 percent 204 5 198
25 to 29 percent 59 6 53
30 to 34 percent 22 5 18
35 to 39 percent 8 0 8
40 percent or more 201 23 179
Not reported or not computed 225 148 78
Median 6 6 7
Acquired 2000 and 2001 (part) 2296 151 2145

Property Management

Property managed by paid property
management company
15257 1833 13424
Property not managed by paid property
management company
1455 403 1052
Not reported 452 55 397

Property Management and Administration
Expenses Per Housing Unit

Acquired before 2000
14868 2140 12728
Less than $100 164 11 152
$100 to $199 933 128 805
$200 to $299 1823 195 1629
$300 to $399 2046 315 1732
$400 to $499 1287 179 1109
$500 to $599 942 84 858
$600 to $699 835 139 696
$700 to $799 583 53 531
$800 to $899 711 140 571
$900 to $999 519 45 474
$1,000 to $1,249 1164 145 1019
$1,250 to $1,499 744 82 663
$1,500 to $1,999 614 111 503
$2,000 to $2,499 225 15 209
$2,500 or more 292 76 216
No expenses 780 120 659
Not reported or not computed 1205 303 902
Median 520 537 518
Acquired 2000 and 2001 (part) 2296 151 2145

Maintenance and Repair Expenses
Per Housing Unit

Acquired before 2000
14868 2140 12728
Less than $100 386 80 306
$100 to $199 983 145 838
$200 to $299 1072 106 966
$300 to $399 1199 91 1108
$400 to $499 1186 205 981
$500 to $599 1119 157 962
$600 to $699 1095 145 950
$700 to $799 939 136 803
$800 to $899 925 157 768
$900 to $999 649 76 573
$1,000 to $1,249 1257 155 1102
$1,250 to $1,499 877 61 816
$1,500 to $1,999 838 123 715
$2,000 to $2,499 441 102 340
$2,500 or more 417 63 354
No expenses 76 19 57
Not reported or not computed 1409 319 1090
Median 668 680 666
Acquired 2000 and 2001 (part) 2296 151 2145

Utility and Fuel Expenses Per Housing Unit

Acquired before 2000
14868 2140 12728
Less than $250 826 137 689
$250 to $499 4101 539 3561
$500 to $749 4733 705 4028
$750 to $999 2251 214 2037
$1,000 to $1,249 731 107 624
$1,250 to $1,499 309 49 260
$1,500 to $1,749 145 10 134
$1,750 to $1,999 58 9 50
$2,000 to $2,499 36 8 28
$2,500 or more 50 13 37
No expenses 206 39 167
Not reported or not computed 1422 310 1113
Median 589 578 591
Acquired 2000 and 2001 (part) 2296 151 2145

Source: U.S. Census Bureau | Residential Finance Survey |  Last Revised: 2012-08-02T15:15:13.203-04:00